Those who benefit from the company exist would invest in it: state, employees, clients.

> The companies currently not doing those things are in a growth phase, with the expectation that in the future they probably will be issuing dividends/buybacks.

Berkshire-Hathaway has only paid dividends once since Buffet took over, and is the highest priced stock listed on the NYSE.

But Berkshire Hathaway does do stock buybacks.

Periodic stock buybacks and resales are a slow version of pump and dump.

When company goes public its shares become tokens in the casino. Shreholders can sell their shares to people who want to gamble with them. And just one reason is sufficient for people to want to take a gamble and purchase them. It's enough that they believe that they'll be able to sell it for more later.

And they are not wrong. As long as the name on the token takes a prominent place in public consciousness people will flock to it and early investors will be able to sell it for more. If you want to see what's sufficient for people to invest in something look at shiba inu crypto token or WIF.

Who would create a company for 100k if it can sell it to gamblers for millions when it goes public? Plenty of people. There's whole industry of angel investors fuelled by thay dynamic.